Backers of the San Jose, Calif., company include Intel Capital, Apax Partners LLP, TempoPark Fund, CTI Capital and Smac Partners Gmbh.

There are also a number of public companies. Israeli tech company Allot Communications Ltd. provides deep packet inspection services. It is publicly traded and has a $412 million market cap.

Waterloo, Ontario-based Sandvine Corp. has revenue of C$87.9 million and a C$276 million market cap. Tibco Software Inc. of Palo Alto, Calif., offers policy control services, amid much broader offerings.

Procera Networks Inc. of Fremont, Calif., generated $60 million in 2012 revenue. The company has a $242 million market capitalization, and had $132 million in cash at the end of 2012. Procera agreed to buy deep packet inspection company Vineyard Networks Inc. in January.

It is not that every company providing policy control or deep packet inspection is a target. Many of the companies involved in the market have an array of services.

"Finding someone you can combine with, where there is not a lot of overlap, can be a challenge," Cooperson said.

With the deals by Oracle, Cisco and Procera, and growth in online video and mobile broadband, activity will remain high.

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